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| Oracle’s Larry Ellison steps down as chief executive | Oracle’s Larry Ellison steps down as chief executive |
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| Oracle announced Thursday that Larry Ellison will step down as chief executive after nearly 40 years running the company he co-founded in 1977. | Oracle announced Thursday that Larry Ellison will step down as chief executive after nearly 40 years running the company he co-founded in 1977. |
| Ellison, 70, will become the company's executive chairman and chief technology officer. Oracle will be run by two co-chief executives: Ellison's longtime deputy Safra Catz and Mark Hurd, former chief executive of Hewlett-Packard. | Ellison, 70, will become the company's executive chairman and chief technology officer. Oracle will be run by two co-chief executives: Ellison's longtime deputy Safra Catz and Mark Hurd, former chief executive of Hewlett-Packard. |
| "Safra and Mark will now report to the Oracle Board rather than to me," said Ellison in a statement. "All the other reporting relationships will remain unchanged. The three of us have been working well together for the last several years, and we plan to continue working together for the foreseeable future. Keeping this management team in place has always been a top priority of mine." | "Safra and Mark will now report to the Oracle Board rather than to me," said Ellison in a statement. "All the other reporting relationships will remain unchanged. The three of us have been working well together for the last several years, and we plan to continue working together for the foreseeable future. Keeping this management team in place has always been a top priority of mine." |
| But company executives also stressed in an earnings call Thursday that the company would be run in much the same way it has been for years. | |
| "There will actually be no changes," Catz said. "No changes. Whatsoever." | |
| Ellison is one of the technology industry's pioneers, and has held primary control at Oracle long after peers such as Microsoft co-founder Bill Gates left the companies they built. According to the 2014 Forbes list, Ellison is the third-richest man in the U.S; his pay package in 2013 was worth $78.4 million. | Ellison is one of the technology industry's pioneers, and has held primary control at Oracle long after peers such as Microsoft co-founder Bill Gates left the companies they built. According to the 2014 Forbes list, Ellison is the third-richest man in the U.S; his pay package in 2013 was worth $78.4 million. |
| "Larry has made it very clear that he wants to keep working full time and focus his energy on product engineering, technology development and strategy," said the presiding director of Oracle's board, Michael Boskin. "Safra and Mark are exceptional executives who have repeatedly demonstrated their ability to lead, manage and grow the company. The Directors are thrilled that the best senior executive team in the industry will continue to move the company forward into a bright future." | "Larry has made it very clear that he wants to keep working full time and focus his energy on product engineering, technology development and strategy," said the presiding director of Oracle's board, Michael Boskin. "Safra and Mark are exceptional executives who have repeatedly demonstrated their ability to lead, manage and grow the company. The Directors are thrilled that the best senior executive team in the industry will continue to move the company forward into a bright future." |
| Ellison will retain control of all software and hardware engineering at the company. Catz will handle manufacturing, finance and legal functions. Hurd will be in charge of sales, service and vertical industry global business units. | Ellison will retain control of all software and hardware engineering at the company. Catz will handle manufacturing, finance and legal functions. Hurd will be in charge of sales, service and vertical industry global business units. |
| Catz, formerly an Oracle president and its chief financial officer, has been with the company since 1999. Hurd came to Oracle in 2010 and has been the company president in charge of corporate direction and strategy for its “global field operations.” | |
| Oracle shares fell sharply Thursday in after-hours trading, down more than 2 percent from a closing price of $41.55 per share. | Oracle shares fell sharply Thursday in after-hours trading, down more than 2 percent from a closing price of $41.55 per share. |
| Ellison is one of the technology industry’s most colorful figures, well-known for his obsession with yatching – particularly his quest to win the America’s Cup. In 2012, Ellison bought 98 percent of the Hawaiian island of Lanai; the AP reported that the land alone was valued at $635.4 million. He also owns several mansions, including a lavish Japanese-themed mansion in Woodside, Calif. | Ellison is one of the technology industry’s most colorful figures, well-known for his obsession with yatching – particularly his quest to win the America’s Cup. In 2012, Ellison bought 98 percent of the Hawaiian island of Lanai; the AP reported that the land alone was valued at $635.4 million. He also owns several mansions, including a lavish Japanese-themed mansion in Woodside, Calif. |
| Outspoken and flashy, Ellison has never shied away from the limelight. After a dispute with arch-rival SAP, Ellison openly called its chief executive at the time, Leo Apotheker, a "thief." | Outspoken and flashy, Ellison has never shied away from the limelight. After a dispute with arch-rival SAP, Ellison openly called its chief executive at the time, Leo Apotheker, a "thief." |
| "I really should never talk about myself," Ellison said at the All Things Digital technology conference in 2012. "Frequently I'll be interviewing somebody or in a meeting with somebody and after about 15 min they'll kind of interrupt me mid-stream and say 'Oh my God, you're nothing like I thought you'd be.' And I say, 'Oh, it's a very low bar. I didn't bite the head off a small animal during the meeting.'" | "I really should never talk about myself," Ellison said at the All Things Digital technology conference in 2012. "Frequently I'll be interviewing somebody or in a meeting with somebody and after about 15 min they'll kind of interrupt me mid-stream and say 'Oh my God, you're nothing like I thought you'd be.' And I say, 'Oh, it's a very low bar. I didn't bite the head off a small animal during the meeting.'" |
| Ellison was also one of the few vehement defenders of Hurd, the former chief executive of Hewlett-Packard who was forced out after he was accused of sexual harassment and fudging expense reports. “The H.P. board just made the worst personnel decision since the idiots on the Apple board fired Steve Jobs many years ago,” Ellison told The New York Times. “That decision nearly destroyed Apple and would have if Steve hadn’t come back and saved them.” | Ellison was also one of the few vehement defenders of Hurd, the former chief executive of Hewlett-Packard who was forced out after he was accused of sexual harassment and fudging expense reports. “The H.P. board just made the worst personnel decision since the idiots on the Apple board fired Steve Jobs many years ago,” Ellison told The New York Times. “That decision nearly destroyed Apple and would have if Steve hadn’t come back and saved them.” |
| When asked Thursday about why his role was changing in the company, Ellison did not offer further details about the timing of the announcement--and stressed that much about the executive team's roles will stay the same. | When asked Thursday about why his role was changing in the company, Ellison did not offer further details about the timing of the announcement--and stressed that much about the executive team's roles will stay the same. |
| "They deserve the recognition," Ellison said of Hurd and Catz. "They deserve the CEO title. And I'm happy that our executive management team continues forward as a team." | "They deserve the recognition," Ellison said of Hurd and Catz. "They deserve the CEO title. And I'm happy that our executive management team continues forward as a team." |